WESTWOOD - Auto-security company LoJack Corp. said Monday its CEO resigned for personal reasons and was replaced by its executive chairman.
Ronald V. Waters resigned, effective Monday, as chairman, president, and CEO. He joined LoJack from the Wm. Wrigley Jr. Co. in 2007 and was elevated to CEO in December 2008. The company said Waters would work on several projects to be finished by year's end.
Company officials have discussed expanding beyond tracking cars to locating cargo and people, including individuals of interest to law enforcement.
Executive chairman Richard T. Riley was named chairman, president, and CEO. The company announced in February that Riley would retire as chairman but remain on the board. Riley was chairman and CEO for more than two years before Waters succeeded him.
Riley said the company will focus on improving performance. He said LoJack was encouraged by improvement in global auto markets and the positive sales trends in the last few months.
Riley said the company expects "modest profit" and "gradual" growth in revenue, with the pickup concentrated in the second half of the year. He said the company was encouraged by "positive" sales trends in the last few months.
LoJack has lost money as sales fell each of the last two years. After posting a profit in 2007, it lost $68 million from 2008 through 2009 as its annual revenue plunged from $222.7 million in 2007 to $135 million in 2009. The company lost $5.7 million in the first quarter of 2010, compared with a loss of $6.6 million a year earlier. But its revenue finally picked up, rising to $30.8 million from $27.8 million in the same period of 2009.